MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI China Daily Summary: Friday, April 12

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/KRW Upside Capped In The Near Term?

KRW

1 month USD/KRW is trading a tight range in the early part of today, not drifting too far from the 1385/86 level. We spent most of the post Asia close on Friday tracking lower in the pair. Whilst USD/KRW is likely to follow broad USD trends, the near term focus rests with what the authorities do to curb depreciation pressures. The 1400 level seems a firm line in the sand on the topside for now.

  • If we see further profit-taking on long USD/KRW positions be mindful that the pair bottomed out ahead of 1370 on a number of occasions this month.
  • This morning it was reported that FX authorities are requesting that banks report the status of their dollar transactions and positions every hour. This is up from the previous 3 times a day.
  • The authorities have also asked banks not to profit from FX management positions.
  • The meeting with exporters/importers, which was flagged late last week, is scheduled to take place tomorrow.
  • The data calendar is quiet until Wednesday when we get the first 20 days trade data for September.
  • Onshore equities are down in early trade (Kospi -0.40%). Offshore investors sold close to $100mn in local equities on Friday.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.